Father of the Osmond family, George, died this week. We wondered what planning he had completed for his family since his wife died a few years ago and he left behind his daughter Marie and seven sons, not forgetting (how could you?) 55 grandchildren and 48 great-grandchildren.
Just how do you start to plan for a will in this event?
No doubt some of you are singing Crazy Horses and Puppy Love as you read this. Or were you a Paper Roses or Long Haired Lover from Liverpool fan?
George managed the Osmonds in the early part of their career. It’s known that while they sold over 50 million records, some unfortunate management choices and financial dealings almost lost them all of their money. They then turned it around again and while not selling so many records have continued to perform for almost 40 years in one form or another. They have gained another fortune.
He might have left everything in the first stage to his eight children. He might have left his two sons who didn’t appear with the singing family more than the rest; but equal is more likely. It’s doubtful that George would want to name all of his grandchildren separately; he would probably want to leave equal amounts to each of them. This could be either a percentage of his estate or a physical amount to be divided between them. He may have only left them money if their parents were to predecease him, which didn’t happen here.
Being a religious family he may have left a substantial amount to his church and to local charities and may not have left anything to his family as they probably don’t need the money, although Marie is divorcing after twenty years of marriage!
Each and every family makes their own individual decision. LSUK consultants will not suggest what clients should do with their estates. They will, however, point out anything the client may have not understood or not even thought about so clients can make an educated decision.
At the end of the day the consultant will share all the possible decisions with the client, but the client will make that final decision.
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